A 2015 study carried out by the National Institute of Economic and Social Research revealed that the UK is on its way to becoming the second largest economy in Europe, as key indicators including total GDP and purchasing power continue to rise. Moreover, economists at the Centre for Economic and Business Research have predicted that by 2028, the United Kingdom could rank among the world’s top three largest economies, ahead of giants like Germany and Japan. This level of economic growth is partly the result of a long-term development strategy that has been designed by the UK Department for Trade & Investment and implemented by the Regeneration Investment Organisation. Regeneration projects are a fundamental part of the UK’s growth and development strategy, and this article looks at the key projects that are currently underway in Central England.

Medi Park Nottingham

Medi Park Nottingham is an £100-million regeneration scheme that aims to turn the Midlands into a leading hub for advanced medical technologies. The project will focus on the creation of a science park that will expand the infrastructure and capabilities of the University of Nottingham and of Queen’s Medical Centre. Approximately 3.7 hectares of land will be turned into state-of-the-art commercial space, which will include 100,000 square feet of laboratory and business space in addition to 400,000 square feet of retail, hospitality, and leisure facilities. Companies that choose to base themselves at Medi Park will benefit from the area’s Enterprise Zone status, which translates into extensive business incentives and tax breaks. The project’s completion date is set to Q4 2023.

Boots Enterprise Zone, Nottingham

The Boots site in Nottingham (along with the city’s Science Park, Beeston business park, and Medi Park Nottingham) have been designated a single Enterprise Zone that will cover more than 116 hectares once the project is completed in 2030. The creation of this Enterprise Zone has as its main objective to facilitate business operations and to boost the levels of entrepreneurial activity in Nottingham, attracting investment to the area and helping create more than 3,500 jobs. Investment opportunities will mainly involve commercial property and will include the redevelopment of up to 40 hectares of brownfield land. Incubator space, research facilities, and office space for SMEs will make up the rest of the project. In addition, the Boots Enterprise Zone will include a residential area in the Beeston site, as it is expected that demand for housing in this area will grow substantially as a result of the creation of new jobs and business opportunities.

Worcester Growth Corridor

In the near future, Worcester will offer world class investment opportunities thanks to the £300-million regeneration project known as the Worcester Growth Corridor. This initiative aims to redevelop nearly 300 hectares of space along the M5, creating opportunities for investment in commercial, residential, and mixed-use real estate. A total of 8 sites will be redeveloped, the first being the Worcester Technology Park, which will primarily provide first-class business accommodation to companies in the advanced manufacturing, clean technologies, and agri-food sectors.

Overall, it is expected that this project will help create more than 6,800 permanent jobs in the local area. This regeneration project will be carried out in various phases over a period of 15 years, and its estimated delivery date is Q4 2024.

Priors Hall Park, Corby

With a GDV of over £1,200 million, the Priors Hall Park project is one of the most ambitious regeneration projects currently taking place in Central England. The project covers an area of more than 500 hectares in Northamptonshire, and will result in the construction of over 5,000 sustainable homes and of commercial premises, including office and industrial space. This project capitalises on Corby’s strategic location, as the town offers access to 75 per cent of the country’s population with just a 2-hour drive.

The Prior Park Hall project will help boost the local economy by turning Corby into a desirable business location. This will be achieved through the provision of business funding, support with the purchase of specialised equipment and R&D activities, and access to business networking, training, and recruitment programmes.

UK Centre for Vehicle Technology, Corby

Six hundred million pounds have been allocated to this regeneration project, which will develop nearly 180 hectares of land near Corby and turn them into a state-of-the-art technology park. The park will provide extensive research and testing facilities for the automotive, motorsports, aerospace, and defence industries. It is also expected that its creation will help increase the scope and revenues generated by the UK’s clean energy sector. The project’s completion is date is set to Q1 2019, and its associated job creation figures will be in the region of 21,000.

Further Reading on Regeneration Projects throughout the UK:

Regeneration Projects: London

Regeneration Projects: Northern England

Sources:

(1) http://www.telegraph.co.uk/finance/economics/11584547/Britains-bulging-economy-surges-past-France.html
(2) http://www.telegraph.co.uk/finance/economics/10537773/Britain-will-become-biggest-economy-in-Europe.html
(3) https://www.gov.uk/government/collections/regeneration-projects-opportunities-for-investment-and-development-partners
(4) https://www.gov.uk/government/publications/regeneration-project-medi-park-nottingham-gdv-100m/regeneration-project-medi-park-nottingham-gdv-100m
(5) https://www.gov.uk/government/publications/regeneration-project-medi-park-nottingham-gdv-100m/regeneration-project-medi-park-nottingham-gdv-100m
(6) http://www.boots-uk.com/about-boots-uk/company-information/boots-in-nottingham/nottingham-enterprise-zone/
(7) https://www.gov.uk/government/publications/regeneration-project-boots-enterprise-zone-nottingham-gdv-500m/regeneration-project-boots-enterprise-zone-nottingham-gdv-500m
(8) https://www.gov.uk/government/publications/regeneration-project-worcester-growth-corridor-gdv-300m/regeneration-project-worcester-growth-corridor-gdv-300m
(9) http://www.wlep.co.uk/world-class-investment-opportunities-worcestershire/
(10) https://www.gov.uk/government/publications/regeneration-project-priors-hall-park-corby-gdv-1200m/regeneration-project-priors-hall-park-corby-gdv-1200m
(11) https://www.gov.uk/government/publications/regeneration-project-the-uk-centre-for-future-vehicle-technology-corby-gdv-600m/regeneration-project-the-uk-centre-for-future-vehicle-technology-corby-gdv-600m